Pacific Marine CU (CA) Has Competitive 13-month CD

Availability: Residents of San Diego, Riverside, and San Bernardino Counties, California

At the beginning of July, Pacific Marine Credit Union (PMCU) added a 13-month Share Certificate (1.30% APY) to its product line. The minimum opening deposit is $1K, with a $1M maximum opening deposit.

The 13-month Share Certificate is also available as an IRA (Traditional and Roth), earning the same APY and with the same funding requirements.

According to CSR, the Early Withdrawal Penalty is "all dividends earned."

Military Saver Certificates

PMCU also has a series of Military Saver Certificates for active duty military personnel, which appear to have fairly decent rates, particularly the 1-Year (3.00% APY). Unfortunately, the stated 3.00% APY isn’t as good as it appears at first glance.

APY

MIN

MAX

INSTITUTION

PRODUCT

DETAILS

3.00%

$100

$500

Pacific Marine Credit Union

1 Year Military Saver Certificates

Accounts mentioned in this post. Rates as of December 7, 2016.

"Saver" should have tipped me off: this is essentially a 1-Year savings account that has a maximum deposit of $500 per month throughout the life of the Certificate, or a maximum deposit of $6K. The math works out this way:

Pacific Marine Credit Union was established in 1952 as Camp Pendleton Federal Credit Union, serving the financial needs of Marines, Sailors, and civilian military employees in Southern California.

The good old days...Cadillacs had fins, the Dodgers were still in Brooklyn, Elvis was just an unknown kid from Tupelo, Dwight D. Eisenhower was President, and there was no such thing as Personal Computers.

63 years later, Pacific Marine Credit Union's field of membership has expanded to include the 2nd, 4th, and 5th most populous counties in California, with current membership of 75,700+ and assets in excess of $712 Million.

How the CD Compares

When compared to the 302 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to California residents, Pacific Marine Credit Union’s 13-month Share Certificate currently tops the list.

The above rates are accurate as of 7/11/2015.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Nasty branch near me. I am sensitive to sunlight. Forced removal of cap with visor, sunglasses to enter. Then waiting as long as 1/2 hour with nobody in branch ahead of me and several employees there. Must verify everything to death, including verbally answering name, address, etc. already printed on deposit slips and that none of them have changed. Made to feel like potential bank robber even after enough visits so tellers should recognize me by sight. Withdrew my six-figures to another (big) bank where tellers are always nice and make me remove nothing or be interrogated when presenting deposit slip preprinted.

Pacific Marine Credit Union is offering several competitive CD and IRA CD rates. The best deal is the 5-year IRA CD which has a 2.25% APY. The regular 5-year CD has a 2.15% APY. Minimum deposit is $1,000. These rates are listed in the credit union's rate sheet as of 3/6/2012.

One downside to this credit union's share certificates is a very harsh early withdrawal penalty. According to the credit union's Truth-in-Savings disclosure, the EWP is equal to all dividends earned for withdrawals after 6 days from opening.